Tuesday, October 6, 2015

"Bernanke: More execs should have gone to jail after financial crisis"

Oct 5, 2015; "Individuals were responsible for wrongdoing, not the firms, Bernanke says"

Former Federal Reserve Chairman Ben Bernanke has said more people involved in the financial crisis should have faced legal actions, rather than placing the responsibility on the financial firms.

...Bernanke said more individuals should have gone to jail, but that the efforts by the Justice Department and others more were centered on indicting or threatening to indict financial institutions.

“It would have been my preference to have more investigation of individual actions, since obviously everything that went wrong or was illegal was done by some individual, not by an abstract firm,” the former Fed chair said...

“So in that respect, I think there should have been more accountability at the individual level,” he added.

Many of the world’s largest banks have been fined for their misdeeds in relation to the financial crisis in 2008/2009, but only a few high-level executives have faced charges."